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Europe Ends Worst Week In Six On AAPL-Driven Upswing

Friday, November 9, 2012 12:20

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(Before It's News)

from Zero Hedge

Most European equity and sovereign bond markets suffered their biggest loss this week in the last six. Thanks to a somewhat notable rally from the US open today into the European close (seemingly driven by AAPL’s bounce off its 55-week average and S&P 500′s bounce off 200DMA), things don’t look like the ‘worst week in six months’ that we had been expecting. European credit markets moved tick for tick with stocks – though we note risk appetite does not seem to be following through in high-yield credit. Spanish bond spreads rose 27bps on the week (and Portugal 45bps) as Europe’s VIX closed up 2 vols on the week at 22.35% (well off its highs of the day at 24.75% which are two-month highs). EURUSD slid below 1.2700 into the European close (down ~200pips from the highs) – its lowest in two months.